Some people get into debt by buying things they do not need and are unable to afford. What are the reasons for this behaviour?

Many
people
are trapped into debt by being consumptive for buying things that are not really important and which they cannot afford. In my view,
this
behaviour
occurs because often
people
want to impress their peers.
Moreover
, impulsive buying can happen because
people
do not have enough
knowledge
about finance.
This
can be changed by being mindful of themselves, and not actually paying attention to what other
people
are thinking.
Firstly
,
such
acts as impulsive buying can happen
due to
the fact that many
people
care more about their surrounding opinions
about
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them
Correct pronoun usage
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than their own actual needs.
Furthermore
, the act of sudden buying will only satisfy their ego, not fulfil their needs. One clear example is when something that person really needs is a new bag to carry around work stuff,
on the other hand
, their peers pressure them to buy a fancy bag and make them end up buying the fancy bag.
Secondly
, the
behaviour
can occur when
people
do not have adequate
knowledge
about finance.
As a result
, it can lead to unwise financial decisions
such
as sudden buying without concern about whether it is urgent or not.
For
this
reason, if
this
kind of
behaviour
is kept repeating will result in financial shambles for that respective individual.
For instance
,
people
with a good salary but who do not have financial
knowledge
will often splurge their salary to buy things that have no urgency. That kind of
behaviour
can be prevented by focusing on what actually matters, not what can impress
people
. By being mindful, the urge to splurge huge amounts of money to impulsively buy something can be suppressed. In conclusion, impressing
people
and not having financial
knowledge
could be a disaster for your finances. One of the ways to prevent it is to be mindful of acquiring something
that is
really needed.
Submitted by nputera.ramadhani on

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